According to a survey at 2:30 p.m. on May 10 (Vietnam time), WTI oil price increased by 1.1 USD/barrel (up 1.85%), to 61.02 USD/barrel. Brent oil price increased by 1.07 USD/barrel (up 1.7%), to 63.91 USD/barrel.
"The energy market, which was previously pessimistic, has finally escaped some of the gloom and begun to welcome the overall optimism as progress in trade relations begins to show signs of improvement," said Alex Hodes, an oil analyst at StoneX brokerage.
Nikos Tzabouras, senior market analyst at the Tradu exchange, said rising tensions in the Middle East have boosted oil prices this week.
In the context, the Israeli military said it had successfully intercepted a missile launched from Yemen towards their territory. Oman has previously mediated a ceasefire between the United States and Yemen's Houthis, which have claimed responsibility for Friday's attack.
However, Marcus McGregor - head of commodity research at asset management company Conning - warned that the oil price outlook is still very uncertain. In particular, it depends largely on the developments of the US economy and trade policy, as well as the implementation of sanctions against Iran and Russia.
On Thursday, the US imposed sanctions on China's third independent refiner for buying crude oil from Iran, especially ahead of the fourth nuclear talks scheduled to take place in Oman this weekend.
PVM analyst John Evans shared in an email sent to customers on Friday that, although the survey data is somewhat positive, it is still not enough to erase market hopes, which are already optimistic about upcoming US - China trade negotiations.
For the domestic market, a representative of a petroleum business said that domestic prices will fluctuate according to the world situation. According to current market developments, it is forecasted that in the next adjustment period, retail prices of gasoline may have opposite adjustments in the direction of increasing gasoline prices and decreasing oil prices.
Domestic retail gasoline prices on May 10, 2025 will be applied according to the adjustment session from 3:00 p.m. on May 8 of the Ministry of Finance - Ministry of Industry and Trade.
In the adjustment session on May 8, the price of E5 RON 92 gasoline decreased compared to the previous adjustment period, at VND18,777/liter (down VND377/liter). RON 95-III gasoline price decreased compared to the previous adjustment period, at VND19,179/liter (down VND407/liter).
Prices of oil products have decreased simultaneously. Of which, diesel 0.05S is priced at VND 16,809/liter (down VND 550/liter); kerosene has a new price of VND 16,941/liter (down VND 623/liter); mazut is priced at VND 15,533/kg (down VND 665/kg).
Also in today's operating period, the operator did not set aside or use the Petroleum Price Stabilization Fund - BOG for all petroleum products.
